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Used Prices/Valuations dipping?
- Thread starter tkram82
- Start date
whisperingshad
Active Member
I'm old enough to remember when cars suffered a massive depreciation hit as soon as you took possession
Oh wait that was two years ago
Oh wait that was two years ago
Wow that is a precipitous drop from just a few weeks ago. I put my MYP with ~1k miles into Carvana and Vroom at the beginning of August and they were in the 70-72k range. Crazy
LOLZ at all the people who thought vehicles were going to be appreciating assets forever.
Who said anything about forever? We're talking about a 10-12k drop in valuation over the last 3-4 weeks.
There are definitely people on this forum who shared their opinion that prices will never reverse
Stock prices never go down, house prices never go down, surely car prices will never go down
whisperingshad
Active Member
Things be crashing, get ready folks, Stocks, house prices(YAY), and used car prices. everything else will stay or go up tho, hope ya saved those covid checks
Used Car Price Trends - CarGurus Pricing Index
Stay on top of used car price trends and get real-time industry-leading market insights.
www.cargurus.com
This is a fairly good idea of the used car market on the whole, which shows used car prices have dropped 1-3% (Tesla at -2.25%) on average over the last 30 days. I say this because while one particular offer from a place like Carvana may have dropped for one particular vehicle in one particular state, it doesn't represent the entire used car market in general. Overall the market is showing a slight dip but still very strong.
For another anecdotal data point, I put my 2020 M3LR in to Carvana on 7/18, and just did it again this weekend and on 7/18 Carvana was at 48.1k, and now they are at 46.4k, which is right in that 3% drop range. Of note, Driveway is still the best offer for me after trying vroom, carvana, and carmax... on 7/18 it was 54.4k and now it's 52k.
whisperingshad
Active Member
That’s the thing about bubbles. They pop.
In normal times you would lose $10-12K the moment your drive off the lot.
Here’s one in my neighborhood for sale that matches the 72k price around 30k miles. You really think this isn’t going to sell on Tesla.com? I see listings like this all the time here today gone shortly thereafter…
Mateo83
Active Member
Just spec'ed a base MYP and the EDD is Sep-Oct 2022. If the wait is really only 1-2 months, no reason to pay a crazy premium for a slightly used MYP when I can get a new one directly from Tesla in less than 2 months. Probably one reason the resale value has dropped.
whisperingshad
Active Member
Even the regular LRs are going for 70k+ in calif on their site. Interesting it shows 0-60 as 4.2s on all of the LRs...
… yeah I guess so.0-60 mph in 4.2 seconds are the Long Range models that include Acceleration Boost. The non-boosted Long Range is 0-60 mph in 4.8 seconds.
Demand and supply. They added the FSD so it has the 12k added on. Otherwise, it would be just 58k?
Of course, there is no reason for Tesla to lower the price on used cars when they know people are still willing to buy.
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